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EUR Bid Tone Supported By PMI’s, For Now
Is the Euro-zone exiting recession? The 17-member single currency has managed to jump to a one month high outright this morning. Euro bourses are in the ‘black’ and German short-term yields are backing up after data from two of the regions largest economies show signs of growth. A preliminary reading of 50.4 on the Euro-zones composite (manufacturing and services) Purchasing Managers Index for this month was higher than expected (49.3). This is the first piece of conclusive evidence that the region is potentially returning to growth for the first time since January of this year. Up until now the EUR had been ... (full story)
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